TUE, 31 MAY, 2022-theGBJournal| Nigerian Investment Promotion Commission (NIPC) reports that US$2.58 billion was tracked as investment announcements for the first quarter of 2022. This is 69% less than the value tracked in the same period of 2020 (US$8.41 billion).
The decrease in value is indicative of the concern occasioned by lingering travel restrictions associated with the global pandemic (COVID-19) and the war in Ukraine, which has destabilised the
European countries, a major source of investments for the country.
NIPC publishes the Intelligence Newsletter 6 days a week, including on public holidays. Through this Newsletter, the Commission tracked a total of 33 projects across 5 States and the Federal Capital Territory (FCT) during the quarter. 79% of the projects were planned for Lagos State.
The top 5 States, by value of investments, are Sokoto State (US$1.5 billion), Lagos State (US$881 million), FCT (US$58 million), Rivers State (US$50 million), and Delta State (US$40 million).
Further analysis of the data showed that the top five sectors are manufacturing (45%), agriculture (25%), information, communication and technology (20%), transportation (5%), and finance and insurance (4%). The domestic investors were the most active during the quarter, accounting for 44% of the announcements tracked during the period.
The other major sources were the United States of America (39%), the United Kingdom (8%), the United Arab Emirates and Austria (4%, respectively).
NIPC’s Intelligence Newsletter publishes Nigerian investment-related news culled, from various sources. This Report is based only on investment announcements cited in NIPC’s Newsletters from January to March 2022; it may not contain exhaustive information on all investment announcements in Nigeria during the period.
Nevertheless, the Report gives a sense of investors’ interest in the Nigerian economy. NIPC did not independently verify the authenticity of the investment announcements but is working on tracking the announcements as they progress to actual investments.-Source NIPC
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